You might be a residential leasing startup, but sometimes you have to call in a commercial counterpart to find a new headquarters.
Commercial Observer has learned that Nestio, a platform specializing in residential leasing, has inked a five-year deal at 150 West 22nd Street, according to TheSquareFoot, which represented its fellow startup in the deal. The real estate tech company is leasing 6,900 square feet of the 82,800-square-foot building between Avenue of the Americas and Seventh Avenue, also known as Chelsea Castle.
“They wanted to stay within walking distance to Union Square and Flatiron [District] and loved Chelsea Castle’s character,” Arash Sadighi of The Square Foot, who represented the tenant in the deal, said via a spokesman. “The fact that the building affords Nestio full-floor presence in which to grow at this exciting stage of their growth was icing on the cake.”
Eli Someck of Redwood Property Group represented the landlord, M. Rappaport. Mr. Someck could not immediately comment on the deal.
Asking rent in the area about $60 per square foot, according to The Square Foot’s spokesman. Nestio will move into its new office, on part of the eighth floor, this January, CoStar data shows.
The company doesn’t have far to move: the tech firm is currently across the street at 16 West 22nd Street between Avenue of the Americas and Fifth Avenue. It wasn’t immediately clear how big the company’s current office is.
News of the deal comes two days after Nestio announced the completion of a Series A fundraising round. The company raised $8 million during the round, which was lead by Trinity Ventures, according to Crunchbase. Since 2010, Nestio has raised $11.5 million in capital through four fundraising rounds, the investment-tracking website shows.